springbig announces issuance of $6.4 million of Convertible Notes due 2026 and $1.6 million Term Loan due 2026 and repurchase of existing Convertible Notes

BOCA RATON, Fla., Jan. 24, 2024 (GLOBE NEWSWIRE) — SpringBig Holdings, Inc. (“springbig,” “we,” “our” or the “Company”) (OTCQX: SBIG), a leading provider of vertical SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs, today announced that it has secured $8.0 million of debt financing with a syndicate of lenders consisting of $6.4 million 8% Secured Convertible Note (the “Convertible Note”) due 2026 and $1.6 million 12% Secured Term Loan (the “Term Loan”) due 2026. Proceeds from the Convertible Note and Term Loan will be used to repurchase entirely the outstanding existing Senior Secured Convertible Note due 2025 (the “Existing Note”) for a discounted amount of approximately $2.9 million and for general corporate purposes. The net proceeds after repurchasing the Existing Note and transaction costs is estimated to be $4.6 million.

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